Swift, together with 45 member banks, launched the global payments innovation (gpi) initiative in early 2016, to increase the speed, transparency and predictability of cross-border payments. More than 180 banks have signed up to the service, with over 60 banks now live. As of May 24, 25% of all Swift cross-border payments traffic is now being sent as gpi. Joy Macknight talks to Wim Raymaekers, Swift’s gpi programme director, about the latest developments.
Correspondent banking relationships may have been scaled back because of a stricter regulatory environment since the financial crisis, but a refocusing of bank strategies, close industry collaboration and exciting new technologies are ensuring cross-border payments are keeping up with the demand. Christian Westerhaus, global head of clearing products, cash management, at Deutsche Bank explains why the future is bright.
As global market infrastructures modernise across the world, Deutsche Bank’s head of market infrastructure and industry initiatives, cash management, Paula Roels, examines where the global banking industry stands in implementing the landmark ISO 20022 standard, the different approaches to its implementation and the critical factors for success.
The UK has taken a giant step into the unknown, launching Open Banking ahead of its European counterparts. While not all the designated banks were ready on time, the initiative lays the groundwork for a range of new propositions for consumers and businesses.